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Sinopec's unit to dive deeper for offshore assets

SHANGHAI - Sinopec International Exploration and Production Corp (SIPC) will produce half of its oil from offshore operations by 2015, as the foreign arm of China Petroleum & Chemical Corp (Sinopec) plans to go deeper into the ocean for its largely untapped oil reserves, a top ...

PetroChina boosts its overseas operations

A PetroChina refinery in Lanzhou, Gansu province. The major oil company aims to double its trading value to $200 billion by 2015 from 2010's level. [Photo / China Daily] The company is looking for greater exposure in the global market BEIJING - PetroChina Co Ltd, the nation's ...

Airbus top business jet lands in China for charter flights

BEIJING -- Beijing-based Deer Jet has purchased an Airbus Corporate Jetliner (ACJ), one of the world's top business jets, for its charter flights service. Deer Jet will be the first Chinese business jet operator to use an ACJ, Zhang Peng, the company's vice president told a press ...

360buy.com sets sights on $2b US IPO

The owner of Chinese site 360buy.com is now hoping to raise at least $2 billion in an initial public offering (IPO) in the US by 2013 or later. The website's chief executive officer has dropped the hint amid the wave of Chinese Internet companies who have been going public in ...

China's Internet stocks lose luster

From boom to bust, China's Internet companies listed on the US stock market have fallen to earth. Shares of Renren, Jiayuan and Netqin dropped below their offering prices just days after shining performances on their first day of trading. Their slide suggests investors may have ...

Air China resumes flight from Beijing to Athens

BEIJING -- An A330-model aircraft belonging to Air China, the country's flagship carrier, took off from Beijing at 12:40 am Wednesday and made its way to the city of Athens, signaling the resumption of flight services between China and Greece. The duration of the twice-weekly ...

China bans illegally-operated organization CHC

BEIJING -- The China High-tech Industrialization Cooperation Organization (CHC), an unregistered organization that had been operating illegally to profit from unauthorized authentication and project cooperation, was banned, the Ministry of Civil Affairs (MCA) announced on Tuesday...

COSCO appoints Rita Fan as non-executive director

HONG KONG -- China COSCO, Asia's largest shipping company by market value, has appointed Rita Fan as independent non-executive director with effect from May 17, it said in a stock exchange filing on Tuesday night. Rita Fan, 65, was the president of the Provisional Legislative ...

Chinese firms show zeal for stakes in Swedish businesses

BEIJING - Chinese companies are showing greater appetite for purchasing equity stakes in Swedish-owned companies, rather than investing in start-up projects, said a Swedish investment official. More than 200 Chinese companies have invested in Sweden in the past 10 years, but ...

Sinopec, SABIC invest in polycarbonate plant

BEIJING-- China Petroleum and Chemical Corporation (Sinopec) announced on Tuesday that the company will establish a new polycarbonate production plant with an annual capacity of 260,000 tons with Saudi Basic Industries Corporation (SABIC) at their existing joint venture in ...

GDF SUEZ to build refrigeration centers in N China

TIANJIN -- French utility giant GDF SUEZ recently signed an agreement to build two refrigeration centers in north China's Tianjin municipality, said an official with the company. According to the agreement, GDF SUEZ will spend 1 billion yuan ($153 million) to build the refrigerat...

Beijing municipality to promote local IPOs

BEIJING - Beijing municipality is in talks with "several" large foreign equity investment institutions, and plans to jointly launch more private equity funds in mid-June 2011 to promote the listing of local companies, said an official with the Beijing Municipal Bureau of ...

Yum's bid for Little Sheep subject to anti-monopoly review

BEIJING -- Yum! Brands' proposed bid for Chinese hot pot restaurant chain Little Sheep Group will be subject to China's anti-monopoly inspection process, Ministry of Commerce spokesman Yao Jian said Tuesday. However, the ministry has not yet received an application for the anti...

GM to Build First Electric Motor Plant in U.S.

The General Motors Co. (GM) on Tuesday announced its plan to build an electric motor plant near Baltimore, Maryland, the first such plant dedicated to making key components for vehicle electrification in the United States. The plant is scheduled to open in 2013. "We believe the ...

Beijing Jingdong Sets Sights on $2 Billion U.S. IPO

The owner of Chinese site 360buy.com is now hoping to raise at least $2 billion US dollars in an initial public offering in the U.S. by 2013 or later. The website's chief executive officer has dropped the hint amid the wave of Chinese Internet companies who have been going public ...

Top 5 Power Producers Suffer 10 Bln Yuan Losses in Thermal Plants

The China Electricity Council (CEC) on Tuesday said the nation's leading five power producers reported 10.57 billion yuan (1.62 billion U.S. dollars) of losses in their thermal power plants in the first four months of the year. The figure was about 7.29 billion yuan more than the ...

Latour vs Lafite in battle for wine sale

NEW YORK - Can Chateau Latour catch Chateau Lafite? We'll find out on May 27, when vintages from Latour's cellar in Bordeaux, aged as much as 150 years, go on sale at Christie's International in Hong Kong. Wines resting in the perfect storage conditions of a chateau's cellar ...

Citic to acquire Sydney gold firm

SYDNEY - China's State-owned investment company Citic Group and its partners agreed to buy Gold One International Ltd for about A$444 million ($469 million) to gain gold assets in South Africa. The group is offering 55 cents for each Gold One share, 28 percent more than its May ...

Sinosteel appoints new president to drive growth

BEIJING - Sinosteel Group, China's largest iron ore trader, has announced the appointment of Jia Baojun as its president to replace the outgoing Huang Tianwen, according to the company's website on Monday. The appointment was announced by the State-owned Assets Supervision and ...

China Mobile signals cover Nansha Islands

BEIJING -- China Mobile said on Monday that its mobile communications signals have been extended to provide service on the Nansha Islands. The extended coverage would allow soldiers stationed on the islands as well as fishermen and merchant vessels to use mobile communications in ...
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